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Baffled as to how single people afford houses currently
Posted on 10/12/23 at 9:20 am
Posted on 10/12/23 at 9:20 am
Looking at properties in Dallas, 400k in town buys a real run-down place in a rough part of town at present. With Dallas property taxes, HOA fees run amok, and the interest rates so high even with a 20% down payment the monthly is just under 3k.
If the average person is making 70k, that's 5,800 per month which means even at a high credit score allowing 45% DTI the most they could get a loan for is a 2,600 payment, and that's not even counting the dings for student loans or car payments or credit cards.
I don't know if I'd ever buy in town just because I can't fathom paying over 1k per month to the government and HOA in perpetuity, but it blows my mind when I see youths talking about shopping for houses around here.
If the average person is making 70k, that's 5,800 per month which means even at a high credit score allowing 45% DTI the most they could get a loan for is a 2,600 payment, and that's not even counting the dings for student loans or car payments or credit cards.
I don't know if I'd ever buy in town just because I can't fathom paying over 1k per month to the government and HOA in perpetuity, but it blows my mind when I see youths talking about shopping for houses around here.
47
Posted on 10/12/23 at 9:22 am to Thundercles
Try single income family household. It's a mafukka out here
Posted on 10/12/23 at 9:22 am to Thundercles
Posted on 10/12/23 at 9:22 am to Thundercles
quote:
Single people
Answer’s in your question
Posted on 10/12/23 at 9:23 am to Thundercles
If you take the interest rates out of the equation, which is crazy right now, there is still a shortage of availabity. With millions of illegals pouring in, I dont know where Democrats think we can house all these people, let alone our own citizens.
Posted on 10/12/23 at 9:24 am to Thundercles
(no message)
This post was edited on 3/14/24 at 9:45 am
Posted on 10/12/23 at 9:25 am to Thundercles
We have to put restrictions on corporate entities buying single family homes.
And we have to figure out figure out cost of living issues somehow. I have no answers for this second part.
And we have to figure out figure out cost of living issues somehow. I have no answers for this second part.
Posted on 10/12/23 at 9:26 am to sodcutterjones
quote:
If you take the interest rates out of the equation, which is crazy right now, there is still a shortage of availabity. With millions of illegals pouring in, I dont know where Democrats think we can house all these people, let alone our own citizens.
These people have very little to do with housing issues. They aren't in the same market as young professionals in America.
ETA:
Judging by the downvotes, the OT can't separate issues. I didn't say the flood of illegal migrants isn't an issue, it is, and a big one. I just said it isn't impacting the 300k-800k young professional housing market.
This post was edited on 10/12/23 at 10:00 am
Posted on 10/12/23 at 9:27 am to DownshiftAndFloorIt
quote:
Try single income family household. It's a mafukka out here
I salute you. I do well and am single and I sometimes wonder how the frick I would ever make it if I had to support another person, let alone multiple.
Posted on 10/12/23 at 9:28 am to Thundercles
Selling drugs, baw
Posted on 10/12/23 at 9:29 am to Thundercles
quote:
Baffled as to how single people afford houses currently
1) Buy a condo or townhome instead of a house
2) Don't buy in a highly populated downtown area
3) Frick keeping up the with the joneses and set a budget bnased your income/expenses and go from there
Even for someone that doesn't make a lot of money, it is very easy to own a home if you just go outward a ways.
Posted on 10/12/23 at 9:32 am to Thundercles
I'll tell you how my wife and I did it.
We bought a small townhome in a "newly gentrifying" area. It was a new development, but still not somewhere we wanted to walk the streets alone at night. However, it was close to the population center in a growing city, so we knew it would continue to appreciate. It did, almost 1.7x.
We stayed for 2+ years (actually 3.5) so we could roll it tax free into a new home. Did that twice.
Now, we had a very favorable interest rate environment at the time and are sitting at 2.9% currently, so we might die in our current house even though our plan was to keep rolling into bigger/better homes. We've decided to just fix this one up because it'll be a while until rates are palatable again.
We bought a small townhome in a "newly gentrifying" area. It was a new development, but still not somewhere we wanted to walk the streets alone at night. However, it was close to the population center in a growing city, so we knew it would continue to appreciate. It did, almost 1.7x.
We stayed for 2+ years (actually 3.5) so we could roll it tax free into a new home. Did that twice.
Now, we had a very favorable interest rate environment at the time and are sitting at 2.9% currently, so we might die in our current house even though our plan was to keep rolling into bigger/better homes. We've decided to just fix this one up because it'll be a while until rates are palatable again.
This post was edited on 10/12/23 at 9:35 am
Posted on 10/12/23 at 9:32 am to CatfishJohn
quote:
If you take the interest rates out of the equation, which is crazy right now, there is still a shortage of availabity. With millions of illegals pouring in, I dont know where Democrats think we can house all these people, let alone our own citizens.
These people have very little to do with housing issues. They aren't in the same market as young professionals in America
Maybe not now but second generations from now, when our kids will be in the market and their kids will become legal... Still doesnt bode well currently.
This post was edited on 10/12/23 at 9:33 am
Posted on 10/12/23 at 9:35 am to Thundercles
I take my job as a pet therapy artist very seriously and work very hard at it. That's how I can afford it.
Also my parents gifted me $300,000 but it's really the pet therapy thing.
Also my parents gifted me $300,000 but it's really the pet therapy thing.
Posted on 10/12/23 at 9:35 am to Thundercles
You figure out how to if you want to do it that way bad enough.
Eta: mostly by accruing unreasonable levels of debt at a young age and living like you're poor for a few years while you pay off the first 10 years of life out on your own.
Eta: mostly by accruing unreasonable levels of debt at a young age and living like you're poor for a few years while you pay off the first 10 years of life out on your own.
This post was edited on 10/12/23 at 9:37 am
Posted on 10/12/23 at 9:37 am to Thundercles
Biden’s economy sucks.
Posted on 10/12/23 at 9:41 am to sodcutterjones
quote:
If you take the interest rates out of the equation, which is crazy right now, there is still a shortage of availabity. With millions of illegals pouring in, I dont know where Democrats think we can house all these people, let alone our own citizens.
Without the influx of labor, inflation will keep running wild as more and more boomers fall out of the workforce.
To OP, living in town has become a rich man’s game. Even the poor areas where those $400k houses sit are being scooped up and redeveloped. Working class urban neighborhoods are quickly becoming a thing of the past in Dallas.
Posted on 10/12/23 at 9:43 am to CatfishJohn
quote:
We have to put restrictions on corporate entities buying single family homes. And we have to figure out figure out cost of living issues somehow. I have no answers for this second part.
Rent is cheaper in Mexico.
Posted on 10/12/23 at 9:48 am to The Third Leg
quote:
Without the influx of labor, inflation will keep running wild as more and more boomers fall out of the workforce.
I'm gonna have to disagree with you there. Not to hijack the thread about housing, but Our media, government, and to an extent parents of Gen Zers have been paying/encouraging these kids to not work for a long time.
Posted on 10/12/23 at 9:49 am to dgnx6
I do think the free market will lead to people moving to rural oasis'.
Small towns with good schools will come back around. Right now everyone is flocking to cities, but I think that'll reverse course eventually.
Small towns with good schools will come back around. Right now everyone is flocking to cities, but I think that'll reverse course eventually.
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